§ 19.30.040. Initial evaluation procedure and criteria.

All proposals for borough support of an economic development project shall initially be evaluated by an organization as may be designated by the mayor ("screening agency"). Such initial evaluation shall identify whether the project satisfies the following minimum requirements for direct borough support under this chapter:

1.

The project must provide "economic development" as defined in this chapter;

2.

The project must be supported by a "bank-ready business plan" as defined in this chapter;

3.

The project must be situated in the area of the borough outside of the cities; and

4.

The business plan must demonstrate that the proposed borough participation in the project as planned will

a.

provide either a $10 million increase in the borough property tax base, or a minimum of 25 permanent full-time jobs in the area of the borough outside the cities; and

b.

either reduce imports or increase exports from the borough; and

c.

not take market share from existing businesses within the borough.

5.

The project will meet the above criteria within a reasonable time period as defined by standard business practices.

The burden is on the project applicant throughout this process to demonstrate that the project, as proposed, satisfies the requirements of this chapter.

Projects satisfying all five of the above criteria shall be referred to the office of the borough mayor for evaluation, along with a written analysis prepared by the screening agency. Projects not satisfying all five of the above criteria shall not be eligible for direct borough support under this chapter, and may be referred to an agency other than the borough for assistance.

(Ord. No. 99-14, § 1, 4-6-1999)